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Bank of America Makes Exchange Offer

By

Kevin Kingsbury

Updated May 28, 2009 9:52 a.m. ET

Bank of America Corp. offered to exchange certain preferred stock into as much as 200 million common shares.

The banking giant said on Wednesday that it could issue up to an additional 564 million shares by exchanging more non-government-held preferred shares and said it reached agreements to convert $5.9 billion of non-government-held preferred stock into about 436 million shares of common stock.